JEP Holdings has prompted a query from the Singapore Exchange Regulation (SGX RegCo) after shares in the company closed 2 cents higher or 10% up to 22 cents on April 21.
SGX RegCo has, via a filing on SGX at 5.04pm, asked JEP Holdings to confirm its compliance with the listing rules, in particular Catalist Rule 703.
JEP Holdings was also encouraged to announce any information that may have led to the “unusual volume movements”.
[Update]
At 9.59pm, JEP Holdings has issued a response to the SGX RegCo. In its statement, the company revealed that it had received an approach letter from UOB Kay Hian, on behalf of UMS Holdings.
According to the company, UMS Holdings intends to purchase 54,229,355 shares, or 13.10% of its entire issued share capital via a married deal. Upon the completion of the acquisition, UMS Holdings and its concert group will own a total of 223,796,325 issued and paid-up shares in the capital of JEP Holdings, representing approximately 54.06% of its entire issued share capital.
See also: JEP Holdings receives unconditional offer from UMS Holdings at 20 cents per share
UMS Holdings will make a mandatory unconditional cash offer for all the remaining issued and paid-up ordinary shares in JEP Holdings.
The company will be preparing a response announcement in relation to the takeover and will release the announcement before trading begins tomorrow.
Shares in JEP Holdings closed the day with 27.5 million shares changed hands.
